The Hong Kong version of the National Security Act ︳ The business sector expects the US sanctions bill to have little impact on business

Political situation

Written by: Zhou Lixi

2020-07-16 12:03

US President Trump signed the "Hong Kong Autonomy Act" on Tuesday (14th) to take effect, and issued an executive order to suspend or cancel special treatment for Hong Kong. Yang Limen, chief executive of the Chinese Manufacturers Association of Hong Kong, said that the business community had already prepared the "Hong Kong Human Rights and Democracy Bill" and basically digested the news this time. He did not think the new bill was shocking because the United States is Hong Kong. The beneficiaries of the US economy and trade have a large trade surplus, and most of Hong Kong's goods are re-exported to China, which is more affected by the Sino-US trade war itself.

Zhong Guobin, leader of the Liberal Party and member of the Legislative Council of the textile industry, also said that the US approach is within expectations. The next step is to pay attention to the list and content of the sanctions introduced. In terms of individuals and enterprises, including those categories and levels, how are financial institutions affected? Involved, but admits that it is difficult to evaluate before the US side makes a move.

Yang Limen, a former secretary general of the Government Policy Bureau and chief executive of the Manufacturers' Association, said that the business community has long been psychologically prepared. (Profile picture/Photo by Yu Junliang)

Yang Limen emphasized in a radio program that an independent customs zone is not a concession granted by the United States, and Hong Kong originally did not charge US tariffs, and Hong Kong’s exports to the United States have always been taxed. He pointed out that he was more worried that the United States would "do no work" and could use many different excuses to do things. It also worsened the increase in Sino-US relations, and worried that American allies would increase sanctions against Hong Kong.

Yang pointed out that the US approach has brought instability to the business community because their partners can be punished by the US. Hong Kong's visa to the United States in the future is regarded by the United States as being no different from that of the Mainland. Yang said that Hong Kong businessmen do business with the rest of the world and that it is important to travel to and from the United States, but that many people from the Mainland also come to the United States.

If the United States introduces sanctions that affect the linked exchange rate, Yang described it as a "nuclear weapon", which will harm both the United States and Hong Kong, because it has a great impact on the circulation of the US dollar, and will even cause more people to switch to RMB. Case. As for investment, Yang pointed out that there is no major withdrawal of foreign capital from Hong Kong. I know that the American Chamber of Commerce in Hong Kong is more worried because many of their companies in Hong Kong want to enter the mainland market. They think that if they leave Hong Kong, their approach is more contradictory.

Zhong Guobin said that he should pay attention to the list and level of individuals and enterprises, and how financial institutions are involved. (Profile picture)

Zhong Guobin: Trump will play an international card against Hong Kong against China

Zhong Guobin's telephone interview on the same program pointed out that the US approach is within everyone's expectations. It is necessary to pay attention to the next launch of the list. In terms of the categories and levels of individuals and enterprises involved, how financial institutions are implicated, but it is difficult before the US side makes a move. Evaluation. He pointed out that if it is only forbidden for individuals to go to the United States and freeze their assets in the United States, it will have little impact on the business community; and the company is temporarily unknown.

Zhong Guobin estimates that Trump is most concerned about the election situation in the United States, so he will definitely move out. In the case of poor domestic political performance, he can only play the international card and use Hong Kong to target China to try to reverse the weak election situation.

He believes that Hong Kong’s failure to obtain US export-sensitive technologies and the US description of Hong Kong have negatively affected Hong Kong. He believes that the Hong Kong government will do more publicity work. In terms of Hong Kong’s export products, Zhong pointed out that some Hong Kong manufacturers have invested in recent years When the production line was moved back to Hong Kong, it was originally intended to circumvent the tariffs for the mainland to import the United States under the trade war, but it is now equally affected.

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